Electrotherm to acquire Hans Ispat Ltd and Shree Hans Paper Ltd for Rs60 crore
10 May 2010
Ahmedabad-based Electrotherm (India) Ltd, the manufacturer of electric two-wheelers Yo-Bikes, today said it has entered into an agreement to acquire 100 per cent shareholding of Hans Ispat Ltd. and its subsidiary Shree Hans Paper Ltd.
Electrotherm said in aregulatory filing wwith the BSE that it would pay upto Rs60 crore the combined acquisitions and hopes to complete the acquisition in four months.
Gujarat-based Hans Ispat Ltd has manufacturing capacity for upto 84,000 TPA of billet, 120,000 TPA of TMT rotting mitts and a 72,000 TPA stainless steel rolling mill at Bhudarmora in Kutch.
Last month Electrotherm had entered into a share purchase agreement for acquiering 100-per cent shareholding of Kolkata-based Shree Ram Electro Cast Pvt. Ltd. for Rs85 crore, which has a manufacturing activities capacity of 120,000 MT per annum of pig iron and a 2.5 MW power plant at Siruguppa in Bellary, Karnataka.
Multi-divisional company in the metal-melting sector Electrothrm manufactures a wide spectrum of products for the metal melting industry and electric vehicles under four different divisions - steel and pipe, engineering and projects, power, turnkey projects, and electric vehicles divisions.